Payday loan

[Vegas2003]

Re: Payday loan

Ok great one more thing before i make contact with them should i email them to make the offer or call them?

To Labman do i really stand a chance of being reimburserd by Bacalys bank for money payday express took out my account?

[Guest]

Re: Payday loan

Email, then you have a record of the communication.

D

[Vegas2003]

Re: Payday loan

Any idea of what i should put in the email as i if i am making a payment i would want any defaults on my credit file satisfied and also them not to be able to chase me or pass this on to any other firm..

Sorry i really am asking for my hand to be held here.

[labman]

Re: Payday loan

davyb - you may have missed a key piece of legislation about these. The consumer now has the ability to cancel any Reptitive Payment Authority (or whatever the exact name is). They need to instruct their bank verbally and follow it up in writing. If after this the bank pays out, then they MUST refund the money. It was a significant change in the law, and one which is hugely beneficial for the consumer. There is no longer the need to be opning accounts with unrelated banks to avoid offset which has always been a key ploy of Payday Loans.

Vegas - if you did not instruct your bank to stop the payments, I doubt you will get your money back. Make sure you instruct them now, and follow it up in writing. There is still no harm in asking them though - you might get lucky.

Good luck!

[Vegas2003]

Re: Payday loan

Thanks You guys, I will let you Know how i get on with both the bank and the PDL companys.

[Guest]

Re: Payday loan

davyb - you may have missed a key piece of legislation about these. The consumer now has the ability to cancel any Reptitive Payment Authority (or whatever the exact name is). They need to instruct their bank verbally and follow it up in writing. If after this the bank pays out, then they MUST refund the money. It was a significant change in the law, and one which is hugely beneficial for the consumer. There is no longer the need to be opning accounts with unrelated banks to avoid offset which has always been a key ploy of Payday Loans.

Vegas - if you did not instruct your bank to stop the payments, I doubt you will get your money back. Make sure you instruct them now, and follow it up in writing. There is still no harm in asking them though - you might get lucky.

Good luck!

Hi Labman

No i know about the new payment regulations, i was replying to the query abut the loan, and leaving that bit to you.

D

[Guest]

Re: Payday loan

Any idea of what i should put in the email as i if i am making a payment i would want any defaults on my credit file satisfied and also them not to be able to chase me or pass this on to any other firm..

Sorry i really am asking for my hand to be held here.

Dear

Re Account number*********

I have managed to secure a loan from a family member and would like to make an offer of £**** in full and final settlement of the above agreement.

Please let me know if this is acceptable, and confirm by email or post that this is acceptable as a full and final settlement, i will then transfer the money into your account by direct transfer.

You may want to alter this a bit to your own circumstances but this is the kind of thing.

D

[Vegas2003]

Re: Payday loan

Brilliant thanks alot for the advice and help, I will let you know my response.

[Vegas2003]

Re: Payday loan

This is what I am Going to send, thoughts please?

Re Account number*********

With reference to the money which you are calming on the above account.

I have managed to secure a loan from a family member and would like to make an offer of £350 in full and final settlement of the above agreement

I can confirm that I am unable to offer to pay the money which I owe in full. But have raised £350 and I want to offer this as an ex−gratia payment in full and final settlement of the account. This offer is made on the clear understanding that, if accepted, neither you nor any associate company will take any other action to enforce or pursue this debt in any way whatsoever and that I will be released for any liability.

I also request that, if accepted, you will make an entry on a credit reference agency file relating to the above account as "satisfied" in full.

Please let me know if this is acceptable, and confirm by email or post that this is acceptable as a full and final settlement, i will then transfer the money into your account by direct transfer, payment can be made within 1 week of receiving your written agreement of this offer.

I look forward to receiving your reply.

[Guest]

Re: Payday loan

HI
It is very good.
I would leave out the part about not being able to pay the amount you owe, you may wish to dispute it at a later date, best not to acknowledge that you owe it now.

They may not accept but then we can look at other options.

D

[Guest]

Re: Payday loan

HI
Oh sorry another small point, i am not sure that this would be an ex-gratia payment, you are paying off the account, also you have put calming instead of claiming.

D

[Vegas2003]

Re: Payday loan

Here on my offers, what do you think ?

QQ amount owed - 950 -- Offer 500
TxT loan - 700 -- Offer 350
Wonga --450 -- Offer 250

[Guest]

Re: Payday loan

Do you have the amount borrowed and the total amount repaid, for future reference

[Guest]

Re: Payday loan

Here on my offers, what do you think ?

QQ amount owed - 950 -- Offer 500
TxT loan - 700 -- Offer 350
Wonga --450 -- Offer 250

I think that they would be foolish to decline, but they are greedy. The point is that you have made the offer, this will stand you in good stead should things develop further.

Also I would head the offer "Without Prejudice".

D

[Guest]

Re: Payday loan

You could just replace the words ex gratia with without prejudice.

D